If you happen to be a smoker and are looking for affordable term life insurance, you may soon realize that high life insurance rates are just a part of life for those who use any sort of nicotine. The reason for this is simple to understand; smokers are more at risk for such things as heart disease, cancer and cardiovascular disease than are those individuals who do not smoke. The life insurance industry regards the following as tobacco products whose use may lead to you incurring higher insurance premiums:
- Nicotine Gum
- Nicotine patches
Usually, when you are applying for life insurance, the agent will inquire about your smoking habits, and ask you if you are a daily smoker, a social smoker or an occasional smoker. A daily smoker is of course, someone who smokes every day. A social smoker is a person who smokes on special occasions or when out with friends; maybe just a few times a week, while an occasional smoker is one who smokes in random situations only once a month or so. While all smokers will generally pay higher rates for life insurance than non-smokers, discounts may be available for those who are not daily smokers, as they pose less of a risk to the insurance company.
If you are a smoker and dread the thought of paying high premiums for your life insurance, you need to do a bit of comparison-shopping in order to get the best price for your term life insurance coverage. This research is best conducted on the Internet, where hundreds of insurance companies will provide free life insurance quotes for smokers. You should request quotes from a number of companies, then compare what each has to offer. When you are comparing each company's quote, there are three things to be aware of: pricing, product quality and the insurance industry rating. The pricing is self-explanatory and the product quality refers to the policy itself. The insurance industry rating refers to the insurance company providing the life insurance quote, and a review of companies can be found by visiting the Standard & Poor's website. Also, there are insurance companies who specifically cater to high-risk individuals. One of these insurance companies may be able to secure a lower rate for you in your insurance policy.
Even though it may be a bit time consuming, you can find affordable life insurance, even if you are a smoker. Be diligent in your research of companies and the different types of life insurance policies that are available. Who knows, maybe being faced with a high life insurance premium is the motivation you need to finally stop smoking!
Compare term life insurance coverage rates now.